by ABIP | Jun 3, 2022 | Individuals, Newsletter
HSA Limits Increase Significantly for 2023 Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. By 2023, the...
by ABIP | Jun 2, 2022 | Individuals, Newsletter, Taxes
Settling Tax Debt With an IRS Offer in Compromise An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad...
by ABIP | Jun 1, 2022 | Accounting, Business, Newsletter
Common Small Business Budgeting Errors to Avoid When creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting...
by ABIP | May 5, 2022 | Individuals, News, Newsletter, Taxes
Estimated Tax Payments: The Facts Estimated tax is the method used to pay tax on income that is not subject to withholding, including income from self-employment, interest, dividends, alimony, rent, and gains from the sale of assets, prizes, and awards. You also may...
by ABIP | May 4, 2022 | Individuals, News, Newsletter, Taxes
Is Your College Student’s Scholarship Taxable? May 1st is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you’re wondering if your child’s scholarships are...
by ABIP | May 3, 2022 | Fraud, Individuals, News, Newsletter, Taxes
What To Know About Tax-related Identity Theft Tax-related identity theft occurs when someone uses a taxpayer’s stolen SSN to file a tax return claiming a fraudulent refund. In the vast majority of tax-related identity theft cases, the IRS identifies a suspicious...
by ABIP | May 2, 2022 | Individuals, News, Newsletter, Taxes
Special Tax Benefits for Members of the Military Military personnel and their families face unique life challenges with their duties, expenses, and transitions. As such, military members may qualify for tax benefits not available to civilians. For example, they...
by ABIP | Apr 5, 2022 | Accounting, Newsletter, Taxes
As a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill...
by ABIP | Apr 3, 2022 | Accounting, News, Newsletter, Taxes
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...
by ABIP | Apr 2, 2022 | Accounting, Business, Newsletter
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and...
